PPA misses income target by 6%

Philippine Ports Authority (PPA) fell short of its income target for the first eight months of the year by 6.48%.

From January to August, the port agency posted a net income of P2.655 billion compared to its goal of P2.839 billion. The latest figure is, however, higher by 45.39% than last year’s actual income.

Gross revenues grew 4.17% to P5.663 billion from P5.436 billion last year, and against the target of P5.554 billion.

Port revenues also rose 4.61% to P5.555 billion from P5.525 billion. It is higher by P30.05 million compared to the P5.525-billion goal due to higher collection of vessel charges and fees from new North Harbor operator Manila North Harbour Port, Inc.

Fund management income declined for the period in review, diving 22.37% to P97.57 million compared to last year’s P125.69 million. Vis-à-vis target, the latest figure is higher by P29.07 million.

Operating expenses from January to August jumped 15.40% to P2.997 billion from P2.597 billion due to continued implementation of dredging, repair and maintenance projects and interest payment on foreign and domestic borrowings as well as higher depreciation charges.

Compared to the goal of P3.728 billion, the amount registered was lower because of unincurred expenses.